Google shares hit new record - and profits sevenfold

Google's shares soared 12.5 percent today as a result of the company announcing quarterly profits far higher than analysts expected.

The shares rose $24.07 today to $215.97, breaking the previous peak of $205.30

The total revenue of Google for Q4 2004 was $1.03 billion, with $204.1 earnings - or 71 cents per share. In 2003 the company had a revenue of $512.2 million and a net income of $27.3 million.

After subtracting commissions paid to other Web sites in its advertising network, Google's fourth-quarter revenue worked out to $653.5 million, more than doubling from a comparable figure of $296 million in the previous year.

More details at FNC